Novi, MI Real Estate
According to census data in the year 2000 there were 19,657 housing units in Novi.
This represents a 45% growth from 13,557 in 1990.
Of those housing units, 19,012 were located in either urbanized areas or urban clusters, and 645 were located in what is classified as a rural area.
Homeownership rate in Novi is about 70.9%.
Novi's vacancy rate, including seasonal lodging, is about 4.7%.
Average household size is 2.52 people.
The majority of houses, apartments or condos in Novi were built after 1984.
|Housing Units by Size|
|Five Bedrooms or more||1.90%|
Owned Homes, Apartments and Condos
|Average Household Size||2.85|
|Median year structure was built||1983|
|Median Value of occupied units||$236,300|
|Median Price asked for vacant units||$296,400|
Rented Homes, Apartments and Condos
|Average Household Size||1.72|
|Median year structure was built||1986|
|Median Monthly Rent asked for vacant units||$874|
Owners Finance Status
|Second Mortgage & Equity Loan||0.20%|
|Home Equity Loan||14.30%|
|Median part of Monthly Household Income dedicated to covering home ownership costs||18.3%|